Nigerian crypto advocate and politician James Otudor has garnered support from the local cryptocurrency community in his legal effort to assert the right to own, utilize, and trade Bitcoin, Tether, and other cryptocurrencies within Nigeria.
In an interview with Cointelegraph, Otudor expressed that while he has received substantial moral backing, his team is hesitant to accept financial donations until mechanisms are established to ensure transparency. This caution is intended to mitigate the risk of any potential propaganda from opponents that could jeopardize their cause.
### Court Session and Government Misunderstanding
The court hearing on August 9 served primarily to introduce Otudor’s case. He emphasized that the Nigerian government’s lack of clarity regarding crypto assets and blockchain technology played a significant role in motivating the lawsuit. Otudor pointed out a widespread belief among Nigerians that Bitcoin (BTC) is prohibited and that the government opposes it. This misconception is so entrenched that even radio stations refrain from discussing Bitcoin due to fears of repercussions from the National Broadcasting Commission (NBC).
### Debunking Misconceptions
Otudor took a stand against the idea that cryptocurrency is mainly associated with illegal activities. He argued that fraud involving the national fiat currency is significantly more prevalent than those linked to cryptocurrency. “The ratio of fraud involving the nation’s fiat currency surpasses that associated with cryptocurrency by a considerable margin,” Otudor stated, countering a common argument against embracing digital assets.
### Broader Implications
While Otudor is receptive to the idea of appropriate regulations, he stressed the necessity for a more nuanced understanding of the various asset classes within the cryptocurrency domain. He advocates for a regulatory framework that not only ensures security and compliance but also fosters the growth of local industry participants. Otudor remarked:
This legal action comes at a time when the Nigerian government’s stance on cryptocurrencies is becoming increasingly adversarial. The Central Bank of Nigeria (CBN) has implemented several restrictions on cryptocurrency transactions, creating a challenging landscape for crypto enthusiasts and businesses alike. Otudor’s lawsuit aims to overturn these restrictions and safeguard Nigerians’ rights to engage freely with digital assets.
The lawsuit also demands an immediate lifting of restrictions on all crypto exchange platforms and seeks a declaration to protect and guarantee the rights of holders of Bitcoin (BTC), Tether (USDT), and other cryptocurrencies.
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